Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic priorities.</li><li>The company generated full-year revenue of $2.6 billion, a 1% decline compared to 2023, primarily due to challenges in its BetterHelp segment.</li><li>However, adjusted EBITDA rose to $311 million, reflecting a 12.1% margin, supported by cost savings and productivity initiatives.</li></ul>

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic priorities.The company generated full-year revenue of $2.6 billion, a 1% decline compared to 2023, primarily due to challenges in its BetterHelp segment.However, adjusted EBITDA rose to $311 million, reflecting a 12.1% margin, supported by cost savings and productivity initiatives.

Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

<ul><li>Teladoc Health's third quarter of 2024 demonstrated a mixed bag of performance, with both positive strides and notable challenges.</li><li>The company's consolidated revenue for the quarter was $641 million, reflecting a 3% decrease year-over-year.</li><li>Despite the revenue decline, the company maintained its adjusted EBITDA at $83.3 million with a margin of 13%, although this represents a 6% decrease from the previous year.</li></ul>

Teladoc Health's third quarter of 2024 demonstrated a mixed bag of performance, with both positive strides and notable challenges.The company's consolidated revenue for the quarter was $641 million, reflecting a 3% decrease year-over-year.Despite the revenue decline, the company maintained its adjusted EBITDA at $83.3 million with a margin of 13%, although this represents a 6% decrease from the previous year.

Teladoc Health Inc.: Membership Growth & Market Penetration As A Key Growth Catalyst! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.</li>
<li>Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.</li>
<li>A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.</li>
</ul>


Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.


Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

<ul>
<li>We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).</li>
<li>We provide an investment case analysis and a selection of merged metrics prior to any synergies.</li>
<li>The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.</li>
</ul>


We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).
We provide an investment case analysis and a selection of merged metrics prior to any synergies.
The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.


KDST + NLSP Combined Core Investment Case 29052025

<ul>
<li>Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.</li>
<li>Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.</li>
<li>Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.</li>
</ul>


Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.
Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.
Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.


ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

United States

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

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Teladoc Health, Inc. (TDOC US)

Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic...

Baptista Research

Teladoc Health Inc.: Membership Growth & Market Penetration As A Key Growth Catalyst! - Major Drivers

Teladoc Health's third quarter of 2024 demonstrated a mixed bag of performance, with both positive strides and notable challenges. The company's...

Baptista Research

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

KDST + NLSP Combined Core Investment Case 29052025

We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of...

ACF Equity Research

ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.

ACF Equity Research

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Teladoc Health Redefines Virtual Healthcare With Explosive Engagement & Market Expansion!

Teladoc Health, Inc. concluded 2024 with mixed financial and operational outcomes while emphasizing execution against its core strategic...

Baptista Research

Teladoc Health Inc.: Membership Growth & Market Penetration As A Key Growth Catalyst! - Major Drivers

Teladoc Health's third quarter of 2024 demonstrated a mixed bag of performance, with both positive strides and notable challenges. The company's...

Baptista Research

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

​Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

KDST + NLSP Combined Core Investment Case 29052025

We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of...

ACF Equity Research

ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.

ACF Equity Research

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...